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FXTPremium Review - is it scam or safe?

FXTPremium review - Is fxtpremium.com scam or good forex broker?

RATING: 1 / 1 REVIEWS FXTPremium
FXTPremium is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


FXTPremium is a forex and CFD broker, offering a good variety of trading instruments, including lots of currency pairs, on the MetaTrader5 platform. However, we are not sure which is the company operating the broker, so if you are thinking about opening an account with them be sure to read this review first.

 

Account type Min. deposit Max. leverage Spreads
Micro Account $500 1:400 2 pips, fixed
Basic Account $1000 1:400 2 pips, fixed
Executive Account $2 500 1:400 1 pip, fixed; 0,9 floating
Premium Account $10 000 1:400 0,7 pips, fixed; 0,5 floating
VIP Account $25 000 1:400 0,4 pip, fixed; 0,3 floating

 

FXTPremium Advantages:

 

Impressive variety of trading instruments

 

FXTPremium offers a really good variety of forex pairs – over 60, with a number of exotic currencies like South African Rand, Turkish Lira, Singapore Dollar, Swedish Krona, Russian Rubble, Polish Zloty, Norwegian Krone, Mexican Peso, Israeli Shekel, Hungarian Forint, Hong Kong Dollar, Danish Krone, Czech Krona and Chinese Yuan.

 

When we tested their trading platform with a Demo Account we also found various CFDs on commodities like coffee, sugar, oil and natural gas, precious metals like platinum, palladium, silver and gold, indices, stocks and even crypto coins like Bitcoin and Ethereum. Still, you may also want to check our list of brokers, offering Bitcoin CFDs:

 

>>Bitcoin Forex Brokers<<

 

Leverage of up to 400:1

 

Leverage, as high as 400:1, as offered by FXTPremium is more than enough to accommodate any trading strategy. And yet, higher leverage should be used with extra caution as it is also associated with higher risk. 

 

We should note that recently the European Securities and Markets Authority (ESMA) reduced the maximum leverage allowed with forex transactions on the European market to 30:1 in an effort to curb investment risks.

 

MetaTrader5 supported

 

Along with MetaTrader4, MetaTrader5 is one of the most popular trading platforms, featuring lots good charting tools, over 50 in-build market indicators and the option to run automated trading sessions with the help of specially designed trading robots. Here you may also check our list of brokers, supporting the MetaTrader5:

 

>>MT5 Brokers<<

 

Various payment methods

 

FXTPremium accepts payments with popular e-wallets like NetellerSkrill, PayPal and WebMoney, wire transfer and all major credit or debit cards like VISA and MasterCard. However, as we do not see the option to pay with Bitcoins, here you may check our list of brokers, accepting payments with Bitcoins:

 

>>Forex Brokers Accepting Bitcoin<<

 

FXTPremium Disadvantages:

 

No license, FXTPremium is completely anonymous 

 

Regulation is crucial for the safety of any investment of the forex market and unfortunately FXTPremium is not authorized to provide financial and brokerage services by non of the well respected regulators in the industry, such as the Financial Conduct Authority (FCA) in the UK, the Australian Securities and Investments Commission (ASIC) or the Cyprus Securities and Exchange Commission (CySEC).

 

Even more disturbing is the fact that we are not sure which is the company behind FXTPremium. In their presentation they do not mention the name of their owner, so basically the website is anonymous. That makes any investment with them quite risky.

 

Properly regulated brokers on the other hand are required to report on a regular basis, to allow external audits, to keep all clients money in a segregated, protected form creditors account and to maintain a certain minimum capital adequacy ratio. Some financial authorities even require brokers to insure traders money.

 

Traders with FCA regulated brokers, for instance, are entitled to a compensation of up to 50 000 GBP in the event their broker happens to be insolvent. A similar mechanism with all CySEC brokers guarantees traders up to 20 000 EUR. Besides, here you may check our list of FCA regulated brokers:

 

>>FCA Regulated Forex Brokers<<

 

Unusual withdraw conditions

 

Be aware that if you accept a bonus by FXTPremium you will be allowed to request a withdraw only after you have reached a certain trading volume requirement – you will have to trade at least 3 lots for every 10 dollars of bonus received. Have in mind that 1 standard lot equals 100 000 currency units.

 

Uncompetitive spreads

 

With its Micro and Basic accounts FXTPremium says to be offering fixed spreads starting form 2 pips, which in our opinion is not competitive. Have in mind that starting spreads with a standard account are considered attractive only below 1,5 pips. Besides, here you may check our list of brokers, offering tighter spreads:

 

>> Lowest spread forex brokers<<

 

Excessive minimum deposit requirement

 

You can open a Micro Account at FXTPremium with 500 USD and that, in our view, is excessive. Have in mind that with most brokers you can start trading with about 250 USD or so, while some well established players like FBS and IG do not have a minimum deposit requirement at all.

 

Conclusion:

 

FXTPremium is an anonymous website, presented a as a forex and CFD broker, which lacks credibility whatsoever. So our best advise is to trade with properly regulated brokers only.

Latest news about FXTPremium
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Traders` reviews for FXTPremium

Spread

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Price feed

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Platform

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Customer service

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Fxtpremium payout

I have loosed 2000€. They did not paid out.

004917546094299

Vinod Kumar sethi 12/03/2018
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